It’s a hard pill to swallow and at every level in the finance and accounting sector candidates are turning down job offers.
We no longer live in an employer’s market anymore.
In the UK we are currently in the grip of a skills shortage in many sectors, including the finance market.
Though the economy is buoyant and the employment rate is growing, according to the Office for National Statistics, the impact of the recession that started in 2008 is still being felt. Lack of investment and development of new talent has taken its toll, and consequently many sectors experience a shortage of skilled professionals to fill the demand.
More than ever it is critical to ensure that when you do make an offer to that ideal ACA candidate or experienced company accountant, they say yes.
Good finance people have their choice of roles today, which means they are now the ones in the driving seat and can choose the work environment and travel time that suits them, as well as the compensation and benefits package that fits their family and the title they want.
So, why are offers being rejected? As an experienced recruitment organisation in the finance field, we have identified three main reasons which we will cover today.
Compensation and Benefits Were Lacking
If you are interested in what motivates people, and as a manager of people I suspect you are, you might be aware of Maslow’s triangle.
Abraham Maslow’s triangle of needs is a theory in psychology that looks at what our innate needs are as adults. The basic ‘must haves’ are at the bottom, leading through to the top of the triangle and our ability to be the best we can be.
When you look at the layers in red and orange, physiological and safety, you appreciate why candidates are so driven by the ‘package’ on offer.
Though it might surprise you, on more than one occasion, the team here at Rebus had walked away from a role instruction because the client refused to listen to our advice on salary and yet still wondered why no one was saying yes when they made a job offer.
You must be on a level playing field, or ideally above, in the market when it comes to the package you offer. Remember websites like Payscale will inform finance candidates of their worth, so they go along to an interview fully informed about their ‘price tag’.
Imagine this scenario…
Let’s say you are a management accountant with good experience in the Engineering sector along the M65 corridor. You apply for a role with a salary of £40-50k. You know you performed well at interview, your CV was on point, and you have a depth of experience, and yet the offer made to you was £40,200.
What do you think might be going around in this candidate’s head? Trust me; it’s unlikely to be “how soon can I start”.
The candidate will be disappointed; maybe a touch annoyed that their value wasn’t appreciated.
Instead, if the offer was £46k with an increase to £50k after hitting specific objectives after six months; the response from the candidate might have been entirely different.
Remember to think beyond the initial salary, and consider extra benefits like flexible working hours, remote working, and even medical or life insurance. You want to create an offer that is irresistible
If you aren’t sure exactly what they are looking for, get in touch with us, and we can have a quick call.
Your Company Brand and Reputation Didn’t Live Up To Expectations
Fact: The online world we all live in means that your organisation can be checked out with only a few mouse clicks. The question is, how is your company represented through its employer brand? What will it be like to work for you?
Though this might sound like a well-worn stereotype our experience of recruiting finance professionals at every level for our clients, demonstrates candidates have a keen attention to detail.
Though they are happy to come along to an interview and hear what you have to say, they will also be checking you out online and through their accountancy network.
Your existing staff can easily give away hints on what it’s like to be employed by your company. If they’re happy, then it will show in their social media posts and the way they interact with others, or what they say about you when they are talking to friends. It’s scary how fast a poor reputation is shared.
We live in such a connected world today that people want to feel part of something bigger. The buzzword is ‘culture fit.’
Financial talent is now searching for careers that offer excellent salaries, room for growth, and an excellent team to work with.
It’s A Great Opportunity So Why Didn’t You ‘Sell’ It?
As a professional financial recruitment company, we are used to ‘selling the opportunity’ of a specific finance role to candidates.
It’s not only the candidate that needs to sell themselves in a job interview but the business too.
You need to demonstrate to finance candidates how they will be appreciated and recognised in your organisation, and what you’re going to do to give them an experience that couldn’t be matched by other companies they may be considering moving to.
If your offers aren’t landing, what we have shared today could be why. If you want to know how to turn this around, let’s talk. Call us on 01282 930930 or email us here.
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, which historically range from a wide variety of organisations including SME’s to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs; and, in doing so, we match the two perfectly. To get in touch call us on 01282 930930.